MGM Resorts International has confirmed plans to acquire Cosmopolitan Las Vegas, and is expected to close in early 2022.
The Cosmopolitan Las Vegas is part of Marriott’s Autograph Collection, whereas MGM properties are part of MLife and have a partnership with Hyatt. I suspect we’ll see The Cosmopolitan leave Marriott’s Autograph Collection, and join MLife at the close of this deal.
MGM Resorts International announced that the Company has entered into a definitive agreement with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the “property” or “The Cosmopolitan”) for cash consideration of $1.625 billion, subject to customary working capital adjustments.
The Cosmopolitan, a world-class contemporary luxury resort and casino, opened in December of 2010 and underwent significant capital improvements since Blackstone acquired the property in 2014. The property features:
- 3,032 rooms and suites that were renovated in December of 2018, most of which feature a terrace that overlooks the iconic Las Vegas Strip,
- a 110,000 square-foot casino, with high-end gaming areas for VIP guests,
- 26 on-trend food and beverage offerings, with 19 new concepts introduced in the last four years,
- a 3,200 seat theater (The Chelsea),
- Marquee nightclub and dayclub that hosts top DJs from around the world,
- 243,000 square feet of centrally located meeting space, featuring state-of-the-art technology to accommodate both large and small groups,
- 21,000 square feet of leased retail space, and
- a 40,000 square foot spa and fitness facility.
The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions.
The Cosmopolitan Las Vegas has been acquired by MGM Resorts and is expected to close in early 2022. As a result, I suspect we’ll see Cosmopolitan leave Marriott’s Autograph Collection and join MLife, meaning World of Hyatt members will able to earn stay credit and receive benefits while staying here.
What are your thoughts on Cosmopolitan being acquired by MGM Resorts? Feel free to share your thoughts in the comments below.